<p>Mumbai: Rising for the second straight session, the rupee surged 21 paise to close at 87.87 (provisional) against the US dollar on Thursday, buoyed by a softer American currency against major currencies and renewed risk-on sentiment among investors.</p>.<p>Forex traders said that likely intervention by the Reserve Bank of India and a firm trend in domestic equities further enthused investors.</p>.<p>At the interbank foreign exchange, the rupee opened below the 88-mark at 87.76 against the greenback, and touched an intraday high of 87.68 per dollar. The domestic unit finally settled at 87.87 (provisional) against the greenback, registering a rise of 21 paise over its previous close.</p>.Rupee rises 40 paise to 87.68 against US dollar in early trade.<p>On Wednesday, the rupee bounced back sharply by 73 paise to close at 88.08 against the US dollar, posting its biggest intraday gain in nearly four months.</p>.<p>"The rupee notched a second consecutive day of gains, buoyed by a softer dollar against major currencies and a broader shift towards risk-on sentiment. Foreign fund inflows and strategic central bank intervention provided a significant tailwind to the currency's recent advance," said Dilip Parmar, Research Analyst, HDFC Securities.</p>.<p>Parmar further said that ahead of the forthcoming holiday, the rupee is poised to tread water within a constrained range. However, its subsequent direction hinges entirely upon the dynamics of dollar flows and any tectonic shifts in the global geopolitical landscape.</p>.<p>In the near-term, spot USD/INR exhibits support at 87.60 and resistance at 88.70.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent lower at 98.58.</p>.<p>Brent crude, the global oil benchmark, was trading 0.36 per cent higher at $62.12 per barrel in futures trade.</p>.<p>On the domestic equity market front, Sensex jumped 862.23 points to settle at 83,467.66, while the Nifty surged 261.75 points to 25,585.30.</p>.<p>Foreign Institutional Investors (FIIs) purchased equities worth Rs 68.64 crore on Wednesday, according to exchange data.</p>.<p>Meanwhile, India's exports grew 6.74 per cent to $36.38 billion in September, while imports jumped 16.6 per cent, widening the trade deficit to $31.15 billion, the highest in over a year. </p>
<p>Mumbai: Rising for the second straight session, the rupee surged 21 paise to close at 87.87 (provisional) against the US dollar on Thursday, buoyed by a softer American currency against major currencies and renewed risk-on sentiment among investors.</p>.<p>Forex traders said that likely intervention by the Reserve Bank of India and a firm trend in domestic equities further enthused investors.</p>.<p>At the interbank foreign exchange, the rupee opened below the 88-mark at 87.76 against the greenback, and touched an intraday high of 87.68 per dollar. The domestic unit finally settled at 87.87 (provisional) against the greenback, registering a rise of 21 paise over its previous close.</p>.Rupee rises 40 paise to 87.68 against US dollar in early trade.<p>On Wednesday, the rupee bounced back sharply by 73 paise to close at 88.08 against the US dollar, posting its biggest intraday gain in nearly four months.</p>.<p>"The rupee notched a second consecutive day of gains, buoyed by a softer dollar against major currencies and a broader shift towards risk-on sentiment. Foreign fund inflows and strategic central bank intervention provided a significant tailwind to the currency's recent advance," said Dilip Parmar, Research Analyst, HDFC Securities.</p>.<p>Parmar further said that ahead of the forthcoming holiday, the rupee is poised to tread water within a constrained range. However, its subsequent direction hinges entirely upon the dynamics of dollar flows and any tectonic shifts in the global geopolitical landscape.</p>.<p>In the near-term, spot USD/INR exhibits support at 87.60 and resistance at 88.70.</p>.<p>Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.21 per cent lower at 98.58.</p>.<p>Brent crude, the global oil benchmark, was trading 0.36 per cent higher at $62.12 per barrel in futures trade.</p>.<p>On the domestic equity market front, Sensex jumped 862.23 points to settle at 83,467.66, while the Nifty surged 261.75 points to 25,585.30.</p>.<p>Foreign Institutional Investors (FIIs) purchased equities worth Rs 68.64 crore on Wednesday, according to exchange data.</p>.<p>Meanwhile, India's exports grew 6.74 per cent to $36.38 billion in September, while imports jumped 16.6 per cent, widening the trade deficit to $31.15 billion, the highest in over a year. </p>